THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 2021 Net sales $ 10,680,000 $9,100,000 Cost of goods sold 6,980,0005 ,600,000 Gross profit 3,700,000 3,500,000 Expenses: Operating expenses 1,620,000 1,570,000 Depreciation expense 200,000 200,000 Interest expense 42,000 42,000 Income tax expense 424,000 370,000 Total expenses 2,286,000 2,182,000 Net income $ 1,414,000 $1,318,000 2021 2020 $ 156,000 742,000 1,357,000 102,000 $ 208,000 762,000 1,027,000 77,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 Assets Current assets: Cash $ 227,000 Accounts receivable 992,000 Inventory 1,727,000 Supplies 132,000 Long-term assets: Equipment 1,180,000 Less: Accumulated depreciation (620,000) Total assets $3,638,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 180,800 Interest payable 4,200 Income tax payable 42,000 Long-term liabilities: Notes payable 520,000 Stockholders' equity: Common stock 620,000 Retained earnings 2,271,000 Total liabilities and stockholders' equity $3,638,000 1,180,000 (420,000) $3,117,000 1,180,000 (220,000) $3,034,000 $ 111,000 $ 88,800 4,200 32,000 37,000 520,000 520,000 620,000 1,829,000 $3,117,000 620,000 1,769,000 $3,034,000 Problem 12-6B Part 1 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2022 times 2021 times times to 1 % Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio times to 1